Las Olas Isles Market Analysis: Inclining/Unstable

Las Olas Isles

While Median Price DECLINED 13%, YEAR OVER YEAR average Closed Sale Price INCLINED 1% to $1,996,875 from $1,967,500, Closed Sale Price/LOT (area) INCLINED 14% to $190.53/SqFt from $167.26, Closed Sale Price/LIVING (area) INCLINED 18% to $626.72/SqFt from $531.04, and Closed Sale Price/WATERFRONT (foot) INCLINED 13% to $20,350/WFFt from $18,023.

CURRENT INVENTORY: 42 listings (Absorbtion Rate 32 months); Median Price $3,645,400, Average Price $5,200.305, LOT $384.13, LIVING $947.93, and WATER $40,559.  SPREAD (Current Inventory/Closed Sale Values Trail-12): Median Price +137%, Average Price +160%, LOT +102%, LIVING +51%, and WATER 99%.

PENDING SALES: 3, Median Price $1,675,000, Average Price $1,766,667, LOT $174.49, LIVING $745.53, and WATER $19,273.  SPREAD (Pending Sales/Closed Sale Values Trail-12): Median Price +6%, Average Price -12%, LOT -8%, LIVING +19%, and WATER -5%

MACRO MARKET TRENDS: STABILITY Trail-12 Closed Sale Values: Median Price/Average Price 77%; of the 16 closed sales, 69% were Under Average PRICE, 13% were Under (Moody’s ‘Long-Run’ Affordability Price/Rent Ratio), 63% were Under Average LOT, 44% were Under Average LIVING, and 63% were Under Average WATER.

MACRO MARKET TRENDS Trail-12: Closed Sales (annual) INCLINED to 16 from 12; Days on Market DECLINED to 156 from 206; Discount INCLINED to -9.68% from -5.16%; PRICE/RENT Ratio INCLINED to 27.76 from 26.44, Annual Rent DECLINED 3% to $71,925 from $74,400, and; Rentals DECLINED to nine from ten.

MICRO MARKET DATA: RANK Closed Sale Price/LOT by Isle Trail-36:  Coral $234.90/LOT SqFt, Royal $197.95, Palms $170.33, Lido $167.10, Bontona $167.03, San Marco $161.22, Capri $141.44, Coconut $134.02, Mola $120.75.

MICRO MARKET DATA: RANK Closed Sale Price/LOT by Isle by Dock-Face Trail-36: (High 5) Coral $309.52/LOT SqFt Dock-Face West, Royal $237.79 W, Coral $231.97 E, San Marco $211.36 E, Royal $203.48 E; (LOW 5) Coconut $106.02 E, Mola $115.26 E, Palms $119.24 E, Mola $122.16 E, Coconut $126.03 W.